With a decline of 1.4 percent to INR 944.80 ($17.31) per kilogram on Jan. 11, 2013, the cash price of primary Indian nickel recorded the biggest decline of the day. After a 0.6 percent increase, the nickel 3-month price finished the day on the LME at $17,625 per metric ton. On the LME, the spot price of nickel rose 0.5 percent to $17,530 per metric ton.
Chinese stainless steel prices were flat for the day. For the fifth day in a row, the price of Chinese ferro-chrome remained essentially flat at CNY 8,300 ($1,333) per metric ton. The price of Chinese ferro-moly was unchanged at CNY 145,000 ($23,291) per metric ton.
The price of Chinese primary nickel ended a two-day climb, settling at CNY 123,350 ($19,813) per metric ton. For the fifth consecutive day, the price of Chinese 316 stainless coil held flat at CNY 26,900 ($4,321) per metric ton. The price of Chinese 304 stainless coil saw essentially no change for the fifth day in a row, remaining around CNY 18,000 ($2,891) per metric ton. The price of Chinese 316 stainless steel scrap continues hovering around CNY 16,600 ($2,666) per metric ton for the fifth day in a row. The price of Chinese 304 stainless steel scrap saw little movement at CNY 18,000 ($2,891) per metric ton.